"President Biden today announced a new round of sanctions on Russia after President Vladimir Putin’s invasion of Ukraine but said the penalties are intended to skirt impacts to the energy sector.

“In our sanctions package, we specifically designed to allow energy payments to continue. We are closely monitoring energy supplies for any disruption,” Biden said in a speech from the White House this afternoon. “We’ve been coordinating with major oil-producing and -consuming countries toward our common interest to secure global energy supply.”

Biden nonetheless said the sanctions from the U.S. and its allies would be “severe.” They penalize four major Russian banks, including VTB, Russia’s second largest, freezing their American assets. The sanctions will cut off major Russian state-owned companies, penalize additional Russian billionaires and restrict access to technology exports, Biden said."

Nick Sobczyk reports for E&E News February 24, 2022. [2]

SEE ALSO:

"Climate Fears on Back Burner as Fuel Costs Soar and Russia Crisis Deepens" (New York Times) [3]

"Ukraine Crisis Jolts Europe To Push For Secure Energy Supply" (AP) [4]

"Is Putin’s Ukraine Invasion About Fossil Fuels?" (Guardian) [5]

"How the Ukraine Conflict Looms as a Turning Point in Russia’s Uneasy Energy Relationship with the European Union" (Inside Climate News) [6]

"Will Russia’s Invasion Of Ukraine Push Europe Towards Energy Independence And Faster Decarbonisation? " (The Conversation) [7]